Avinor nears financial balance amid rising revenues and investment challenges

Avinor's third-quarter 2025 results show solid progress towards financial stability, with total operating revenues for the first nine months reaching NOK 10.5 bn, an underlying growth of 15.4%. Adjusted operating profit (EBITDA) rose to NOK 4.148 bn, an increase of NOK 1.064 bn from the same period in 2024. Passenger numbers climbed to 40.3 million, a 3.6% increase year-over-year, now at 98% of pre-pandemic levels, while the load factor hit a record 74.7%.

Despite a 5.6% increase in adjusted operating costs, the nine-month cash flow before debt changes was positive at NOK 779m, a significant turnaround from a negative NOK 213m last year. These improvements are crucial for financing smaller airports and maintaining 43 operational facilities nationwide.

Avinor continues to manage a substantial investment portfolio, spending NOK 2.8 bn so far in 2025 on upgrades like the Oslo Airport baggage system and new airports in Bodø and Mo i Rana. The Norwegian Ministry of Transport's decision to increase real fees by NOK 650m for airport charges in 2026 underscores the necessity of these measures to achieve long-term financial self-sufficiency.